Okla. Stat. tit. 60, § 60-175.82: Definitions

As used in the Oklahoma Discretionary and Special Needs Trust

Act:

1. “Beneficial interest” means a distribution interest or a

remainder interest, and excludes a power of appointment or a power

reserved by the settlor;

2. "Beneficiary" means a person who has a present or future

beneficial interest in a trust, vested or contingent. However, the

holder of a power of appointment shall not be considered a

beneficiary;

3. “Child” means any person for whom an order or judgment for

child support has been entered in this state or another state;

4. “Current distribution interest” means a distribution

interest where on the date of qualification the beneficiary is an

eligible distributee or permissible distributee of trust income or

principal;

5. “Discretionary interest” means any interest for which a

trustee has discretion to make or withhold a distribution. A

discretionary interest includes permissive language such as “may

make distributions” or it may include mandatory language that is

inconsistent with the intent of the settlor to create a

discretionary trust, such as “The trustee shall make distributions

in the sole and absolute discretion of the trustee”;

6. “Distribution interest” means a beneficiary’s equitable

interest to enforce the distribution terms of the trust subject to

the judicial review standard. A distribution interest is classified

as a mandatory interest, a support interest, a discretionary

interest, or a combination of any such interests. A distribution

interest includes both current distribution interests and future

distribution interests;

7. “Exception creditor” means a child of a beneficiary who has

a judgment or court order against the beneficiary for support;

8. “Future distribution interest” means all distribution

interests other than a current distribution interest;

9. “Mandatory interest” means a distribution interest for which

the trustee has no discretion in determining whether the

distribution shall be made, or the amount or timing of the

distribution;

10. “Power of appointment” means an inter vivos or testamentary

power to direct the disposition of trust property, other than a

distribution decision by a trustee to a beneficiary. Powers of

appointment are held by donees, not the settlor. A power of

appointment includes any right or power granted by statute to any

person other than the settlor;

11. “Remainder interest” means an interest for which a trust

beneficiary will receive the property outright in the future;

12. “Reserved power” means a power held by the settlor;

13. “Special Needs Trust” means a trust created for the partial

or exclusive benefit of a disabled or incapacitated person, in order

to allow the disabled or incapacitated beneficiary to avoid loss of

eligibility for government benefit programs, including, but not

limited to, Medicaid, Supplemental Security Income, Social Security

Disability Income or other state or federal benefit programs; and

14. “Support interest” means any interest which is not a

mandatory interest or a discretionary interest. A support interest

shall include mandatory language such as “shall make distributions”

and be coupled with a standard capable of judicial interpretation,

such as an “ascertainable standard” as defined in Internal Revenue

Code (IRC) Section 2041.